Mr. Jonathan Challis reports

GOLDBELT EMPIRES LIMITED REPORTS SUCCESSFUL RESULTS FROM GEOPHYSICAL SURVEY OF SOUTH MORILA GOLD CONCESSION

Goldbelt Empires Ltd. has released the results of a recently concluded high-resolution, property-wide airborne magnetic and gamma ray geophysical survey and the interpretation of the resulting data sets at its flagship South Morila gold concession area in Mali, West Africa.

Highlights

A review of the geophysical survey, and its subsequent structural interpretation, has yielded the following findings and identified a number of compelling geophysical targets:

• Several previously undetected major potassium anomalies that pose compelling targets;
• Previously known mineralized sites now deemed high-priority prospects, in consequence of their enhanced attractiveness in the context of the new geophysical data set;
• Multiple high-potential targets will be the focus of a recommended campaign of scout drilling, as part of the company's phase 2 exploration program.

The company retained Momentum Group to interpret the geophysical data sets obtained by the airborne survey, and Momentum Group provided the company with its interpretation in its report dated May 10, 2016. The section captioned "Summary" (below) sets out the main findings of the report. Andrew Dacey (RPGeo and FIMMM), a member of the Momentum Group, is the primary author of the report; Mr. Dacey also serves as technical adviser to the company.

Jonathan Challis (CEng and FIMMM), chief executive officer of Goldbelt Empires, commented: "These results are a testament to the tremendous potential of the South Morila concession and the competence of the company's technical team. The geophysical survey and interpretation cap the successful results of our 2015/2016 phase 1 exploration program. We are delighted with the findings and look forward to phase 2 of our exploration program, involving geochemical work and scout drilling over the main targets."

Mr. Challis and Mr. Dacey are the qualified persons, as defined by National Instrument 43-101, who have approved the scientific and technical information, and verified the data except where otherwise noted, in this news release.

Summary

Geological interpretation and target identification

The geophysical data sets from the airborne survey, collected and processed by New Resolution Graphics in late 2015 and early 2016 for Goldbelt Empires, were integrated by Momentum Group with existing geology, geochemistry and mineral occurrence data (predating the company's acquisition of the South Morila concession area).

Prior exploration from 2000 to 2012 was based on the historical wide-spaced, lower-resolution SYSMIN regional geophysical survey completed in 2001 to 2004 for the Ministry of Mines of Mali, covering most of the known Birimian terrains, including the South Morila concession area.

Goldbelt's newly acquired, high-resolution geophysics are a significant advance.

Relevant findings from the report prepared by Momentum Group include:

• The radiometric data analysis shows several major potassium anomalies previously undetected that are strongly indicative of potential alteration targets. Potassium anomalies are commonly associated with gold occurrences in Birimian terrains;
• Analysis of the aeromagnetic data shows three distinct structural and lithological domains:
  1. A structurally complex northern zone showing a number of northeast-trending structures along with a series of northwest-trending features, possibly representing dikes or sills;
  2. A central, likely metasedimentary zone;
  3. A southern zone thought to consist dominantly of metasediments and intrusives;
• The geophysical data provide further confirmation of the presence of similar rocks/alteration associated with major discoveries in the region, thereby increasing the attractiveness of certain targets within the exploration area;
• The geophysical data show two intrusive bodies of exceptional interest given regional exploration success associated with intrusives;
• A much improved understanding of the overall structural regime, including the significance of major features that may control the extent and possible orientation of previously identified mineralization.

The report's findings are further described in the figures and discussion below in the sections captioned "Interpretation -- maps of new data sets"; "Interpretation -- magnetics"; "Interpretation -- radiometrics"; "Target identification -- revealed features and anomalies"; and "Recommendations for further exploration."

The report has identified a number of targets and has made several recommendations for further exploration, including selective geochemistry and a scout drilling program.

Interpretation -- maps of new data sets

The report prepared by Momentum Group interpreted the new data sets recently acquired in the airborne survey (2015 to 2016). For comparison, reference is made to the historical geophysical survey (2001 to 2004).

New aeromagnetic data: Areas of folding and structural complexity add depth to the geological understanding.

New radiometric data: The new radiometric data reveal potassium anomalies not previously identified.

Figures are available on-line.

Interpretation -- magnetics

The report found that the most dominant feature identified from the geophysical survey is a series of east-west-trending magnetic highs that are interpreted to represent late-stage dikes. These are common throughout Birimian terrains and have no relationship with, nor are they known to host, any mineralization of interest.

Northern zone

A highly variable magnetic northern zone is thought to represent a suite of biotite-rich leucogranites and muscovite-biotite granites and pegmatites. These distinct pink-weathered granitic batholiths are often referred to as Massigui type. They are predominantly coarse grained, equigranular and massive, although porphyritic varieties are also locally encountered throughout the region. These intrusions represent the youngest episode of plutonism in the area. Less common for a granite, they are moderately to highly magnetic.

In the northwest of the licence, a magnetic low area is thought to represent a granodiorite intrusion. Outcropping granodiorites just outside the licence area have been recorded and are common in the area. At Morila, intrusions such as the Doubalakoro pluton have been identified; they are coarse grained, massive and equigranular, with magnesio-hornblende and biotite as the main ferromagnesian phenocrysts. They are interpreted to be syntectonic with D2, the main mineralization event at Morila.

Central and southern zones

These are two areas characterized by a low magnetic signature and likely represent zones of metasediments and probable intrusions. Drilling by AngloGold Exploration Mali, as well as Randgold, supports this. The geology of the area is not thought to be straightforward; rather, it is likely highly folded with numerous diorite, granite and minor leucogranite intrusions.

The central zone is likely represented by metasediments with minor intrusives. It has a low magnetic signature and is thought to be regionally folded with a northwest fold axis. Similar metasediments to these host the Morila mine and were the focus of all of AngloGold's and Randgold's exploration efforts.

Regional geology suggests that the very low magnetic signature identified in the south of the licence may actually be due to the presence of the Bougouni granite, a massive granite-gneissic pluton that is thought to be older than potential mineralization in the area and to represent basement.

Interpretation -- radiometrics

The report found distinct potassium signatures in several locations within the South Morila concession area that were previously undetected. The primary measurement from the radiometrics of interest is the potassium signature.

A potassium signature essentially comes from K feldspar, predominantly micas such as muscovite and biotite, which is common in the felsic regolith of the metasediments and is low in mafic rocks. While it is also found extensively around intrusive bodies, such as the granodiorite in the northwest of the licence area, it is strongly related to Birimian-type alteration of host rocks. As such, each potassium signature is a good indicator of a target for further follow-up.

Two very strong potassium anomalies have been identified, along with a number of lessor but still important anomalous zones. An important consideration to take into account is that a false positive of a potassium anomaly often arises from residual potassium in river beds and areas of sheet wash; such false positives are clearly evident in the historical potassium radiometric map (2001 to 2004 geophysical survey).

Target identification -- revealed features and anomalies

The report examined a number of features and anomalies and has identified a number of targets for further exploration:

1. Farani prospect -- a potassium anomaly in the northwest corner of the licence area marked by a large granite intrusion and artisanal workings;
2. Northern Line prospect -- a potassium anomaly on the northern boundary line of the licence area;
3. Syinsorola trend -- a cluster of potassium anomalies in the southeast, possibly oriented along a northwest-trending structure;
4. Boufala prospect -- historical geochemical anomalies identified in the 1960s by regional soil sampling undertaken by and for the government of Mali; several lineaments identified from the high-resolution geophysics intersect in the immediate vicinity;
5. Mena prospect -- an area of gold mineralization identified in 1960s by historical regional soil sampling undertaken for the government of Mali;
6. K3SX prospect -- anomalies identified through AngloGold's shallow RAB (rotary air blast) holes. Randgold completed DDH (diamond drill hole) drilling, included 1.4 grams per tonne over three metres. The company's airborne survey (2015 to 2016) magnetics show structural complexity within the low-responsive sediments.

References to the exploration conducted by AngloGold and Randgold are discussed in the company's National Instrument 43-101 technical report dated Dec. 14, 2014, available on the company's SEDAR profile. References to the results of the historical regional soil sampling and the prior exploration are based on data not independently verified by the company or the qualified persons who have approved this news release.

Recommendations for further exploration

The report prepared by the Momentum Group recommended that the following steps be taken to advance the exploration program:

• Ground checking of anomalies;
• Further satellite imagery analysis;
• Regional geochemistry, or "filling in the holes" -- targeting the anomalies identified that are not covered by either AngloGold's or Randgold's previous exploration; to include both an orientation multielement geochemical survey (soil and shallow RAB) followed by a detailed geochemical survey over three or four of the most promising targets;
• Trial MMI (mobile metal ion) survey line over the Randgold area of drilling;
• Scout drilling program over the most prospective anomalies identified -- first-stage RC (reverse circulation) and DDH exploration (3,000 metres, 25 holes, 100 to 150 metres deep).

We seek Safe Harbor.